By H. Nicholas
Marx's concept of rate and its smooth opponents presents an unique examine how Marx understood the position of cash, extending his concept to contemplate how costs stream over the process enterprise cycles. Key modern theories of price are additionally analysed; Neoclassical, publish Keynesian and Sraffian theories are contrasted with Marxian concept.
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Additional info for Marx’s Theory of Price and its Modern Rivals
Example text
That is to say, relative price divergences can be seen as corresponding to supply and demand imbalances of commodities in relation to one another, and the divergence of the price of money can be seen as corresponding to supply and demand imbalances for money in relation to all other commodities. These decompositions can then be used to ascertain the possibility and causes of divergences between actual and reproduction prices, as well as adjustments of these divergences. 24 Marx’s Theory of Price and its Modern Rivals Possibility of divergences Marx sees the possibility of the divergence of actual prices from reproduction prices, and, therefore, imbalance in the system, as arising from the very nature of commodity producing systems.
However, it facilitates this transfer of ownership in the context of repeated purchases and sales of the commodity. As medium of circulation, the money acquired by the seller of commodities is not to hold for itself, as abstract wealth, but rather to purchase other commodities and thereby reproduce the commodities that were sold. It is for this reason that Marx refers to the function as its medium of ‘circulation’ and not medium of ‘exchange’ (see 1970, pp. 95–6). The medium of circulation function of money presupposes the measure of exchange value function.
Specifically, he sees it as a process involving tendencies and counter-tendencies, and giving rise to phenomena usually identified with monopoly. For example, while the tendency emanating from the intra-industry competitive process is towards standardisation – a standard price for a standard product based on a certain average unit costs of production – the same process gives rise to divergences. It gives rise, inter alia, to: actual and perceived product differentiation allowing for price differentiation; a lowering of average unit costs by some producers through the adoption of new technologies and techniques of Marx’s Theory of Price – Capitalist Commodity Production 31 production, an expansion of scale and the geographic relocation of production, etc.